Save more tax by taking a joint home loan (Tax Saving)

If your wife also earns, then taking a joint home loan is always beneficial. This way, both of you will be able to save tax on your earnings. Because on taking a joint home loan, you can claim separate tax deductions of up to Rs 1.5 lakh on the principal repayment under Section 80C and up to Rs 2 lakh under Section 24(b). Thus, by taking a joint loan, both of you can get a total tax deduction of up to Rs 7 lakh. But remember that unless the property is in joint name, you will not be able to avail this tax benefit.

How can a wife double your income?

To double your income, open separate PPF accounts in the name of both you and your wife and invest in them. You can claim tax benefits on investments up to Rs 1.5 lakh in both the accounts. In this way, you can claim tax benefits on total investments up to Rs 3 lakh. So, your income has doubled, right? (Double your income).

NPS Account in Wife’s Name

Open an NPS (National Pension System) account in your wife’s name as well. By investing in both the accounts, you can claim additional tax benefits of up to Rs 50,000 under Section 80CCD(1B).

Health Insurance Policy in the Name of Wife or Family

You can claim tax deduction under Section 80D on the premium paid for a health insurance policy for your wife and family. Under Section 80D, tax deduction can be claimed on health insurance premium for spouse and family members. But to avail this tax benefit, both husband and wife will have to buy separate health insurance policies.

Benefit of interest deduction on wife’s savings account

Open a separate savings account in the name of your wife. Under section 80TTA, tax benefit is available on interest income up to Rs 10,000 on both the accounts.

In these ways you can save a lot of tax and more tax saving means more income. You can use this money to strengthen your financial portfolio, which can meet many of your needs in the future.

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You may find filing Income Tax Returns complicated, but by avoiding some common mistakes you can make the process easier and ensure that you get your due refund. However, some mistakes may occur inadvertently while filing ITR. These mistakes can cost you dearly. In such a situation, you should be careful while filing income tax return.

Filing your ITR is important for many reasons. Mainly it fulfills a legal obligation under the Income Tax Act. Along with following the tax laws and regulations, the government gets information about your income from different sources through ITR. It gives you an opportunity for financial planning and ITR is also an important document for loan or visa applicants.

Do not make these 10 mistakes while filing ITR-

Incorrect personal information – While filing your ITR form, ensure that all the information like name, PAN, address and bank account details are filled correctly in the form.

Choosing the wrong ITR form – Choose the right ITR form based on your income sources and your type of income. Filling wrong forms may result in fine.

Not giving complete information about your income – Provide information about income from all sources of income including salary, interest income, rent income, capital gains in your ITR. Failure to report all income sources may result in penalties.

Ignoring TDS credit– Must show the TDS details in ITR from Form 16/16A issued by your employer or deductor. Failure to provide correct information may result in notice and fine.

Incomplete information about investments and deductions– Correctly declare all investments, expenses and deductions to claim eligible tax benefits under Section 80C, 80D, 80G of the Income Tax Act.

Hiding interest income – Correct information about interest earned from savings accounts, FD or other sources should be given. Failure to do so may result in a fine.

Form 26AS not matching – Cross-check the statements in your ITR with Form 26AS. It contains details of your TDS, tax payment and other income tax related information.

Not filing ITR on time – This is a very important thing. Do not wait till the last moment of the last date to file ITR. Late filing of ITR may result in penalty.

Not verifying ITR – After filing ITR online, it is necessary to verify it electronically through Aadhaar OTP, NetBanking etc. or by sending a physical copy with your signature to the Income Tax Department within the stipulated time. If verification is not done, ITR filing becomes invalid.

Not maintaining necessary records – Maintain records of all documents, receipts and evidence related to your income, investments and tax deductions, as these may be required for verification or in case of any tax investigation in future.

Cash Withdrawal Rules : Good News! You will not have to go to ATM to withdraw cash, now you will get money sitting at home, just do this work

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Agricultural Income

The most famous category of tax-free income is income from agriculture. Income earned from agricultural activities is free from income tax under Section 10(1) of the Income Tax Act, 1961. The logic behind this exemption is to support and promote the agriculture sector, which plays an important role in the country’s economy. Tax-free agricultural earnings encourage farmers to invest in their farms and improve agricultural methods.

Gifts and Heritage

Gifts received by individuals in India are generally tax-free, provided they satisfy certain conditions laid down in section 56(2) of the Income Tax Act. Similarly, inherited property is not subject to income tax. This exemption has been given because imposing tax on gifts and inheritances will not increase family financial support and will hinder the transfer of money between generations.

Interest on PPF and EPF

Interest earned on investments in Public Provident Fund (PPF) and Employees Provident Fund (EPF) is tax-free. These investments are encouraged because they promote long-term savings and financial security for individuals. The government encourages citizens to contribute to these plans by providing tax exemption on the interest earned.

Profit on long-term investment

Long-term capital gains (LTCG) arising from the sale of certain assets like equity shares and mutual funds are tax-free if they meet certain criteria. The government aims to encourage long-term investment in the capital market by providing this exemption. However, tax has to be paid on short-term capital gains.

HRA (House Rent Allowance)

House Rent Allowance (HRA) is a component of salary that can be tax-free. If the taxpayer fulfills certain conditions given in section 10(13A). The purpose behind this exemption is to reduce the financial burden on people living in rented houses.

It is noteworthy that it is important for taxpayers to understand the categories of tax-free income to customize their financial plan. These rebates are designed to support specific sectors, encourage long-term savings and provide relief in certain circumstances.

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If he does not have an Aadhaar card and has not enrolled for Aadhaar, then before registering for these certificates, he will have to apply for Aadhaar identity card.

A person wishing to get income, caste and residence certificate made in Uttar Pradesh will now have to present his Aadhar card for this. If he does not have an Aadhaar card and has not enrolled for Aadhaar, then before registering for these certificates, he will have to apply for Aadhaar identity card. The state revenue department has issued a notification in this regard. This exercise is being done to stop fraud and fraud in the name of income, caste and residence certificates.

According to this notification issued under the Aadhaar Act, until the Aadhaar number is allotted to a person, these certificates can be issued on the basis of some other types of identity cards. The notification also states that despite not being able to provide Aadhaar card or proof of enrollment for the same, a child will not be denied any certificate if he is providing other proof of his identity.

For children under 18 years of age

If the Aadhaar enrollment of the child is done after the age of five years, then his Aadhaar enrollment slip or biometric updated identity slip and any one of the following documents will have to be presented.

Birth certificate

Birth record given by the competent authority

School identity card containing names of parents attested by the Principal/Headmaster of the school

Ration card

Ex-Servicemen Contributory Health Scheme (ECHS) Card

Employees’ State Insurance Corporation (ESIC) Card/Central Government Health Scheme (CGHS) Card

Pension card

Army canteen card

Any government entitlement card or any other record indicated by the department.

For applicants/beneficiaries above 18 years of age

If he has done Aadhaar enrollment, he will have to present his Aadhaar enrollment slip and any one of the following documents.

Bank/Post Office Passbook with photograph/PAN Card/Passport/Ration Card/Voter ID Card/MNREGA Card/Kisan Photo Passbook/Driving License/Gazetted Officer/Tehsildar’s Photo Identity Certificate issued by Tehsildar on government letterhead/department indicating Any other record made.

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In the budget 2023-24, the Modi government at the center has made many changes to make the new tax regime attractive. Since then, the interest of many people has increased in this tax regime. On Friday, Finance Minister Nirmala Sitharaman has once again praised the new tax regime. The Finance Minister said that the new tax regime has given maximum relief and benefits to the middle class people. He said that people of this class are getting tax exemption on an annual income of Rs 7.27 lakh.

Those earning a little more than Rs 7 lakh will also get tax exemption

The Finance Minister has said that the Modi government at the Center is trying to take every section of the country along. In such a situation, keeping in mind the middle class of the country, the government has given income tax exemption to people earning up to Rs 7 lakh. This exemption is available under the new tax regime.

After this decision of the government, many people of the country did not believe in it. There was a question in the mind of some people that if a person’s income is more than Rs 7 lakh, will he have to pay tax? In such a situation, we talked continuously to consider this matter. After this, it was decided that no tax would have to be paid if the income is just a little more than Rs 7 lakh. For example, a person earning Rs 7.27 lakh annually will not have to pay any tax.

Standard deduction available on income of Rs 50,000

Nirmala Sitharaman also said that earlier people were not getting the benefit of standard deduction in the new tax regime, about which many complaints were coming. In such a situation, keeping in mind the needs of the people, we have also made a provision for standard deduction up to Rs.50,000.

The budget for MSMEs has been increased manifold

Praising the steps taken by the government for Micro, Small and Medium Enterprises, the Finance Minister said that its budget has increased 7 times in the last 9 years. In the financial year 2013-14, this budget was Rs 3,185 crore, which has now been increased to Rs 22,138 crore in 2023-24. This shows how committed the government is to promote the small industries of the country. Along with this, he said that under the public procurement policy, the government is making 33 percent of the total purchases from MSMEs.

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Now under the Finance Bill 2023, tax exemption has also been given on income of more than Rs 7 lakh. For this, amendments have been made in the Finance Bill. Under this, individuals earning income slightly above the tax free income of Rs 7 lakh will have to pay tax only on the additional income.

The Finance Bill 2023 has been approved by the Parliament and it will become effective from 1 April. In this, some relief has been given to taxpayers under the new tax regime through amendment.

The Finance Ministry explained the rules, while clarifying the provision of Finance Bill 2023, the Finance Ministry has said that under the new tax regime, if a taxpayer’s annual income is Rs 7 lakh, then there is no tax liability on him. But if the income becomes Rs 7,00,100, then the tax liability becomes Rs 25,010. That is, due to additional income of only Rs 100, taxpayers have to pay tax of Rs 25,010. In view of this problem of taxpayers, it has been proposed to give minor relief through amendment in Finance Bill 2023.

Taxpayers will get the benefit of small margin

Let us understand this relief given by the government to the taxpayers through an example. Suppose your income is Rs 7,00,100 means Rs 7 lakh 100 means your income is Rs 100 more than tax free income. Now you have to pay tax of Rs 25,010 because of the excess of just Rs 100. The government has given relief to such taxpayers. Under the new proposal, if your income is Rs 7,00,100, then they will not have to pay tax of Rs 25,010. Rather, they will have to pay tax only on Rs 100. Tax experts have told according to the calculation that individual taxpayers whose income is up to Rs 7,27,777 can get the benefit of this provision.

Income up to Rs 7 lakh was tax-free in the budget.

In Budget 2023, Finance Minister Nirmala Sitharaman had announced that now those earning up to Rs 7 lakh will not have to pay any tax. Earlier, after adopting the tax exemption options, no tax had to be paid up to 5 lakhs. But the new tax regime will give an additional benefit of Rs 2 lakh.

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New Delhi. If you are an income tax payer and apart from job or business, you also earn from Virtual Digital Assets and share market, then you will have to give this information to the Income Tax Department. Due to the provisions included in the Finance Act last year, some changes have been made.

Therefore, from April 1, 2022, tax will be levied on the profit made on transactions in virtual digital assets. The Central Board of Direct Taxes had notified income tax return forms for assessment year 2023-24 earlier this month.

These forms are to be used for filing return for income earned during the financial year 23, which ends on 31st March. “For the convenience of taxpayers and ease of filing, no significant changes have been made in these forms as compared to last year’s ITR forms,” the CBDT said in a statement. Due to amendments in the Income Tax Act, 1961 only the minimum changes required have been made.”

VDA schedule given in ITR

Now information about the tax levied on digital assets will have to be given in the ITR forms. From July 1, 1 percent TDS will be deducted on transactions of more than Rs 10,000 in assets like cryptocurrency and non-fungible tokens. Tax expert Vivek Jalan told Money Control that now ITR2/ITR

3/ITR5/ITR6 separate VDA schedule is given. In this, the earnings from virtual digital assets have to be told. Under the new schedule, information related to VDA transactions will have to be filled.

At the same time, those trading in the equity market i.e. stock market may need to provide additional information. Jalan said, “Now, when share trading business is carried out, the entire business should also be divided into intra-day trading and delivery-based trading and reported accordingly in ITR3/ITR5/ITR6.”

Explain that it was announced in Budget 2022 that the sale / transfer of virtual digital assets

The income from this will come under the tax net of 30 per cent. Also, during the transfer of virtual digital assets, 1 percent TDS will be applicable on transactions exceeding a limit.

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Income Tax Slab: There is good news for crores of taxpayers on the new year. If you also pay income tax, then from now on you will have to pay only 5% tax. Finance Minister Nirmala Sitharaman (FM Nirmala Sitharaman) has given a big gift to the people on the new year. Preparations are going on in full swing for the budget across the country, in such a situation, everyone from the middle class to the employed is expecting a big tax relief this time.

use any system

Giving information, Finance Minister Nirmala Sitharaman has said that from now on many people will have to pay only 5% tax. Whether you adopt the new tax regime or the old tax system, but now you will not have to pay heavy tax.

Who will have to pay 5% tax

Let us tell you that people with income between 2.5 lakh to 5 lakh will have to pay tax only at the rate of 5 percent. These people will not have to pay more tax than this. On the other hand, if your income is less than Rs 2.5 lakh, then you will not have to pay a single rupee tax.

Tax free income slab may increase

Let us tell you that this time in the budget, the government can increase the scope of tax free income. At present, lakhs of people get the benefit of tax exemption only up to Rs 2.5 lakh. This limit can be increased from 3 to 5 lakhs. This time the government can give big benefits to crores of taxpayers.

Last change was in 2014

The last time in the year 2014, the government had increased the tax limit. Earlier this limit was Rs 2 lakh, which was increased to Rs 2.5 lakh. With this decision of the government, people get more money to invest

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According to these tax slabs, people have to pay tax on their income. On the other hand, after a few weeks, the budget is also going to be presented by the central government. Every year taxpayers expect that the government should give concession regarding income tax in the budget. However, now before the budget, it is very important for the tax payers to know one important thing. The Union Budget is presented through the Finance Minister.

Tax Actually, for the financial year 2021-22, tax is being collected by the government according to two slabs. There is a New Tax Regime and the other is the Old Tax Regime. The rate of tax charged on income in both the slabs is different. In such a situation, 20 percent income tax is also collected by the government on different incomes. Here we are going to tell you that on how much income 20% tax is charged in New Tax Regime and on how much tax is charged in Old Tax Regime.

20 percent tax 

Tell that if income tax is to be filed according to the New Tax Regime, then if there is an income of Rs 10 lakh to Rs 12.5 lakh annually, then 20 percent tax has to be paid on it. However, if income tax is to be filed according to the Old Tax Regime, then 20% tax will have to be paid on income from Rs 5 lakh per annum to Rs 10 lakh per annum.

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Income Tax News: The Modi government had made many promises in the last budget, which the government has fulfilled even before a year. Before the budget 2023, the central government has given a big gift. The government has made a big change in the ITR rules. From now on, certain people will not have to file income tax returns. Finance Minister Nirmala Sitharaman had announced this in the budget.

Finance Ministry tweeted
The Finance Ministry has announced that from now on such senior citizens above 75 years will not have to file income tax returns. Let us tell you that those senior citizens who have only pension or interest from the bank, then they will not have to file ITR. The Finance Ministry has given information about this by tweeting.

As announced in Budget FY 2022-23, senior citizens above 75 years of age, having only pension and interest income, are now exempted from filing Income Tax Return. #PromisesDelivered pic.twitter.com/iuyIzyQPnJ

— NSitharamanOffice (@nsitharamanoffc) January 5, 2023

Under which act will you get the benefit?

The government has told that a new section Section 194P has been added to the Income Tax Act, 1961, under which senior citizens will get this benefit.

CBDT gave information

Giving information, the Central Board of Direct Taxes has told that a notification has been issued regarding this. Apart from this, amendments have also been made in Rule 31, Rule 31A, Form 16 and 24Q and this sector has been operationalised.

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Income Tax Slab: There is little time left for the country’s budget (Budget 2023). The Modi government is making a plan for big changes regarding tax in this budget. The Finance Minister can add a new income tax slab in this budget, due to which people with income between 5 to 10 lakhs will have to pay less tax. Finance Minister Nirmala Sitharaman is planning to give a big gift to the middle class this time.

There will be change in tax slab

According to information received from sources, those with an annual income of up to Rs 10 lakh can get a big discount. That is, those earning up to Rs 10 lakh will have to pay less tax than before.

Only 10% tax will be applicable on income of 10 lakhs.

It has been learned from the sources of the Ministry of Finance that in this budget, there can be a big change in the budget of the government with an income of 5 to 10 lakh rupees. The government is planning to add a new slab of 10 percent for this income group. At present, a tax of 20 per cent is levied on it. In this year’s budget, a deduction can be announced for this tax slab.

Salary will change according to the bracket

Along with this, the tax applicable on people in the income bracket of Rs 10 to 15 lakh can also be reduced to 25 per cent. At the same time, there is no planning of any change in tax on the income bracket above it.

What is the system now?

Let us tell you that at present there are 5 tax slabs in the system. In this, income up to Rs 2.5 lakh is tax free. At the same time, 5% tax on income from 2.5 to 5 lakhs, 20% tax on income from 5 to 10 lakhs, 30% tax on income from 10 to 20 lakhs and 30% tax on income above 20 lakhs. . At present, this time the government can add another new slab to these slabs.

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According to these tax slabs, people have to pay tax on their income. On the other hand, after a few weeks, the budget is also going to be presented by the central government. Every year taxpayers expect that the government should give concession regarding income tax in the budget. However, now before the budget, it is very important for the tax payers to know one important thing. The Union Budget is presented through the Finance Minister.

Tax Actually, for the financial year 2021-22, tax is being collected by the government according to two slabs. There is a New Tax Regime and the other is the Old Tax Regime. The rate of tax charged on income in both the slabs is different. In such a situation, 20 percent income tax is also collected by the government on different incomes. Here we are going to tell you that on how much income 20% tax is charged in New Tax Regime and on how much tax is charged in Old Tax Regime.

20 percent tax 

Tell that if income tax is to be filed according to the New Tax Regime, then if there is an income of Rs 10 lakh to Rs 12.5 lakh annually, then 20 percent tax has to be paid on it. However, if income tax is to be filed according to the Old Tax Regime, then 20% tax will have to be paid on income from Rs 5 lakh per annum to Rs 10 lakh per annum.

The post Income Tax Slab: Big News! Heavy tax of 20% will have to be paid on this much income first appeared on Rightsofemployees.com.

Income Tax Slab: There is good news for crores of taxpayers on the new year. If you also pay income tax, then from now on you will have to pay only 5% tax. Finance Minister Nirmala Sitharaman (FM Nirmala Sitharaman) has given a big gift to the people on the new year. Preparations are going on in full swing for the budget across the country, in such a situation, everyone from the middle class to the employed is expecting a big tax relief this time.

use any system

Giving information, Finance Minister Nirmala Sitharaman has said that from now on many people will have to pay only 5% tax. Whether you adopt the new tax regime or the old tax system, but now you will not have to pay heavy tax.

Who will have to pay 5% tax

Let us tell you that people with income between 2.5 lakh to 5 lakh will have to pay tax only at the rate of 5 percent. These people will not have to pay more tax than this. On the other hand, if your income is less than Rs 2.5 lakh, then you will not have to pay a single rupee tax.

Tax free income slab may increase

Let us tell you that this time in the budget, the government can increase the scope of tax free income. At present, lakhs of people get the benefit of tax exemption only up to Rs 2.5 lakh. This limit can be increased from 3 to 5 lakhs. This time the government can give big benefits to crores of taxpayers.

Last change was in 2014

The last time in the year 2014, the government had increased the tax limit. Earlier this limit was Rs 2 lakh, which was increased to Rs 2.5 lakh. With this decision of the government, people get more money to invest

The post Income Tax : Great News, Now only 5% Tax Will be Levied on income, orders issued by Finance Minister first appeared on Rightsofemployees.com.

Income Tax Slab: There is good news for crores of taxpayers on the new year. If you also pay income tax, then from now on you will have to pay only 5% tax. Finance Minister Nirmala Sitharaman (FM Nirmala Sitharaman) has given a big gift to the people on the new year. Preparations are going on in full swing for the budget across the country, in such a situation, everyone from the middle class to the employed is expecting a big tax relief this time.

While giving information, Finance Minister Nirmala Sitharaman

has said that from now on many people will have to pay only 5% tax. Whether you adopt the new tax regime or the old tax system, but now you will not have to pay heavy tax.

Who will have to pay 5 percent tax

Let us tell you that people with income between 2.5 lakh to 5 lakh will have to pay tax only at the rate of 5 percent. These people will not have to pay more tax than this. On the other hand, if your income is less than Rs 2.5 lakh, then you will not have to pay a single rupee tax.

The slab of tax free income may increase,

let us tell you that this time in the budget, the government can increase the scope of tax free income. At present, lakhs of people get the benefit of tax exemption up to Rs 2.5 lakh only. This limit can be increased from 3 to 5 lakhs. This time the government can give big benefits to crores of taxpayers.

The last change happened in 2014. The last

time in the year 2014, the government had increased the tax limit. Earlier this limit was Rs 2 lakh, which was increased to Rs 2.5 lakh. With this decision of the government, people get more money to invest.

The post Income Tax : Big news came on the first day of New Year, now only 5% tax will be levied on income, orders issued by the Finance Minister first appeared on Rightsofemployees.com.

According to these tax slabs, people have to pay tax on their income. On the other hand, after a few weeks, the budget is also going to be presented by the central government. Every year taxpayers expect that the government should give concession regarding income tax in the budget. However, now before the budget, it is very important for the tax payers to know one important thing. The Union Budget is presented through the Finance Minister.

Tax Actually, for the financial year 2021-22, tax is being collected by the government according to two slabs. There is a New Tax Regime and the other is the Old Tax Regime. The rate of tax charged on income in both the slabs is different. In such a situation, 20 percent income tax is also collected by the government on different incomes. Here we are going to tell you that on how much income 20% tax is charged in New Tax Regime and on how much tax is charged in Old Tax Regime.

20 percent tax 

Tell that if income tax is to be filed according to the New Tax Regime, then if there is an income of Rs 10 lakh to Rs 12.5 lakh annually, then 20 percent tax has to be paid on it. However, if income tax is to be filed according to the Old Tax Regime, then 20% tax will have to be paid on income from Rs 5 lakh per annum to Rs 10 lakh per annum.

The post Income Tax Slab: Big News! Heavy tax of 20% will have to be paid on this much income first appeared on Rightsofemployees.com.

Income tax experts and CA Sachin Srivastava says that if you have forgotten to mention any of your income in ITR, then it can be rectified by filing an updated return (ITR-U) for the next two years. The government has started this facility from this financial year and taxpayers have also started getting it from April 1, 2022. This was proposed by the Finance Ministry in the Finance Act 2022. For this, sub-section 8(A) has been added in section 139 of Income Tax.

What facilities will be available in this –
Taxpayers can rectify the mistakes and omissions in the previously filed ITR through updated returns. This work can be done even after the time of custom ITR is over.
You can avail the ITR-U facility for 2 years after the ITR assessment date has passed
.
The Income Tax Department provides separate forms for ITR-U to taxpayers.

If you have to update or make some corrections in your old ITR, then the Income Tax Department also imposes some penalty for filing ITR-U . If the ITR-U is being filed within 12 months of the date of assessment, a penalty of 25 per cent will have to be paid, but if you opt to file the ITR-U within 24 months, the penalty amount will increase to 50 per cent. The last date for filing ITR-U for the financial year 2021-22 has been kept as March 31, 2025.

When
taxpayers try to reduce their tax liability through updated returns, then this facility will not be given. However, through this, the tax and penalty associated with the disclosure of additional income will be levied on your part. Apart from this, you cannot use this form even if the department has started the assessment proceedings against you or has started the survey.

This facility will be available only once
. Even though the Income Tax Department gives you two years to file the updated ITR, the taxpayer can avail it only once. If you have filed the updated ITR, then the ITR-U of the respective financial year cannot be filled again. The government has started this facility from this year after the incidents of income missing in ITR by many taxpayers.

The post ITR Update: What to do if you have forgotten any income in the return, know from experts how to rectify the mistake and avoid loss first appeared on Rightsofemployees.com.